FTXs

Federal prosecutors asked a New York judge on Friday to sentence FTX founder Sam Bankman-Fried to between 40 and 50 years in prison for cryptocurrency crimes they described as a “historic fraud.”Prosecutors made the request as they submitted their presentence recommendations to a federal judge who will sentence a man who at one time dazzled the cryptocurrency world with his promotional skills, including his access to famous people willing to promote his businesses.Bankman-Fried, 32, is scheduled to be sentenced in…

After the FTX cryptocurrency exchange filed for bankruptcy last year, Thomas Braziel, an investor who specializes in collapsed businesses, started brokering an unusual kind of transaction: a market to profit from FTX's downfall.Braziel put one of his clients in touch with a large financial firm that had lost nearly $100 million when FTX went under. Last December, the firm agreed to sell its claim in the FTX bankruptcy -- essentially an IOU from the collapsed exchange -- for 6 cents on the dollar, betting that it was…

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A U.S. judge on Tuesday denied Sam Bankman-Fried's bid to have criminal charges against him thrown out, paving the way for the founder of now-bankrupt cryptocurrency exchange FTX to face trial starting Oct. 2.Federal prosecutors in Manhattan say Bankman-Fried, 31, stole billions of dollars in FTX customer funds to plug losses at his hedge fund, Alameda Research, misled investors and lenders, and illegally made contributions to U.S. political campaigns in the names of his colleagues.The onetime billionaire has pleaded not…

Other than Terra, FTX is perhaps the biggest synonym for failure in the crypto industry. It’s a three-letter word dragged so far through the mud that it’s hard to distinguish it from a cow patty. Yet enough people working at the exchange think people would be interested in a reboot. So much so, FTX’s new CEO has actively worked on a so-called “2.0.”Guardians of the Galaxy Vol.3 Star Sean Gunn on Performing Young Rocket RaccoonAs first reported by Decrypt, documents posted Monday by FTX in its ongoing bankruptcy reveal…

The motivations on each side of claim sales are different, but complementary. The seller either needs immediate cash to meet bills, wants to write down their losses for tax purposes, or believes they can earn a greater return by investing the money elsewhere. The buyer, meanwhile, is wagering that the value eventually returned to creditors will exceed the amount they paid for the claims.Claim sales have typically happened behind closed doors, taking place between financial institutions. But over the past few years, public…

U.S. federal prosecutors have added yet another charge to the long list that fallen cryptocurrency founder, Sam Bankman-Fried, is facing. The former CEO of crypto exchange FTX is being indicted over allegations that he bribed Chinese government officials to the tune of more than $40 million dollars as part of his shady financial dealings. The news was first reported by Reuters, and comes from a legal document filed and unsealed Tuesday.The superseding indictment alleges that Bankman-Fried (or SBF as he’s commonly called)…

Court cases involving former FTX executives, like disgraced CEO Sam Bankman-Fried, continue.Image: Michael M. Santiago (Getty Images)While FTX collapsed just a few months ago, the fallout of the defunct crypto exchange is still developing. Today, FTX’s former director of engineering Nishad Singh pleaded guilty to six counts of fraud and conspiracy as court cases into FTX higher-ups continue.As detailed by Reuters, the counts include one count of wire fraud, three counts of conspiracy to commit wire fraud, one count of…

FTX founder Sam Bankman-Fried faced new fraud charges Thursday, as prosecutors accused him of cheating thousands of investors out of billions of dollars while casting himself as a trustworthy "savior of the cryptocurrency industry" - an image boosted by celebrity-studded Super Bowl advertising and big donations to political figures.New charges, including securities fraud and conspiracy fraud counts, were unveiled with the unsealing of the refreshed indictment in Manhattan federal court.In a statement, U.S. Attorney Damian…